Australian Securities and Investments Commission (ASIC) chairman Joe Longo has been surprised by the increase in the number of cryptocurrency investors in Australia, expressing concern that many Bitcoin (BTC) and altcoin buyers are not recognizing the real risks of investing in digital assets.
According to the latest report released by ASIC in early August 2022, which surveyed over 1,000 retail investors in Australia, 44% said they own cryptocurrencies, making cryptocurrencies the second largest product type after Australian equities .
Joe Longo said back in February that he was concerned about the rising popularity of crypto assets in Australia and the lack of regulation of how they are bought and sold. He assured investors he was currently working closely with the Australian government on new regulations to tackle unregulated investment scams masquerading as advice.